A. Sections 46-3A-105 through 46-3A-113 N.M. Stat. Ann. shall apply to trusts in existence on July 1, 2005 and to trusts created on or after that date.

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Terms Used In New Mexico Statutes 46-3A-113

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.

B. Sections 46-3A-105 through 46-3A-113 N.M. Stat. Ann. shall be construed to apply to the administration of a trust that is administered in New Mexico under New Mexico law or that is governed by New Mexico law with respect to the meaning and effect of its terms unless:

(1)     the trust is a trust described in Section 170(f)(2)(B), 664(d), 2702(a)(3) or

2702(b) of the federal Internal Revenue Code of 1986;

(2)     the governing instrument expressly prohibits the use of Sections 46-3A- 105 through 46-3A-113 N.M. Stat. Ann. by specific reference to one or more provisions of those sections; or

(3)     the terms of a trust in existence on July 1, 2005 incorporate provisions that operate as a total return trust. The trustee or a beneficiary of such a trust may adopt provisions in Sections 46-3A-105 through 46-3A-113 N.M. Stat. Ann. that do not contradict provisions in the governing instrument.

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